Owing to the lack of innovation due to decreased R&D expenditures, the pharmaceutical industry is witnessing a slowdown in branded drug formulations and technologies. This has resulted in an increasing number of generics flooding the market and a loss in the annual sales of branded drugs. Thus, big pharmaceutical companies are increasingly being pressurized to provide differentiated products from those of their competitors.
Also, in recent years, patents for blockbuster drugs of these companies are set to expire in the near future. Reformulation of drugs through drug delivery technologies help in product differentiation strategies and provide a lucrative and less expensive option to extend patent expirations. At the same time, the technologies help to retain market leadership, protect sales revenue, and bring competitive value to the pharmaceutical firms.
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Product launches and approvals accounted for the largest share of the total strategic developments in the drug delivery technology market from January 2014 to November 2016. The major players that adopted these strategies include Johnson & Johnson (U.S.), Pfizer, Inc. (U.S.), and Novartis AG (Switzerland).
Johnson & Johnson adopted organic as well as inorganic growth strategies to expand its presence in the drug delivery technology market. For instance, in February 2016, McNeil Consumer Healthcare, a part of Johnson & Johnson, introduced RHINOCORT Allergy Spray, used for treating nasal allergies. In addition, in June 2015, the company introduced Invega Trinza in the U.S.; this antipsychotic drug is used for the treatment of schizophrenia.
Moreover, the company is focused on obtaining approvals for the timely launch its products in the market and thereby strengthening its customer base. For instance, in September 2016, Janssen Pharmaceuticals, Inc., a subsidiary of Johnson & Johnson, received the FDA approval for its INVOKAMET XR, fixed-dose combination therapy of canagliflozin and metformin hydrochloride extended-release (XR) for the treatment of type 2 diabetes.
Novartis AG (Switzerland) is one of the top players in the drug delivery technology market. Company’s leading position can be attributed to its strong brand recognition and robust product portfolio. In order to maintain its leading position, the company significantly invests in R&D activities.
This investment helped the company develop and launch new and advanced products in the drug delivery technology market. For instance, in October 2016, Alcon, a division of Novartis, launched CyPass Micro-Stent at the annual meeting of the American Academy of Ophthalmology (AAO) in Chicago, U.S. The company also focuses on inorganic growth strategies to sustain its foothold in the market. For instance, in June 2016, Novartis entered into a licensing and collaboration agreement with Xencor (U.S.) to develop bispecific antibodies to treat cancer.
The drug delivery technology market is highly competitive market with various players. Prominent players in this market include Johnson & Johnson, Inc. (U.S.), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (U.S.), Bayer AG (Germany), Pfizer, Inc. (U.S.), Novartis AG (Switzerland), 3M Company (U.S.), Becton, Dickinson and Company (U.S.), GlaxoSmithKline plc, (U.K.), Sanofi (France), and Antares Pharma, Inc. (U.S.).
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Target Audience:
- Drug Delivery Technology Manufacturers
- Public and Private Physicians
- Healthcare Institutions (Medical Data Centers)
- Research & Clinical Laboratories
- Distributors and Suppliers of Drug Delivery Technologies
- Health Insurance Payers
- Market Research and Consulting Firms
